What is the Global Business Account?

The OFX Global Business Account is a single account to help businesses manage international payments, expenses and approvals. With one platform for greater visibility and control, you can track every expense in one place, simplify cross-border transactions, control your spending and enjoy better cashflow management. 

How can I get started with an OFX Global Business Account?

Start your business registration online here. Complete the identity verification steps as prompted. You’ll be asked to provide details such as date of birth, full name, residential address and more. These are used to verify your identity as a primary user in the platform, or anyone that has the right to add new users in the platform.

Next, you’ll be asked to provide your business details, such as your business registration number, country of registration, business type, industry and more. You may also be asked to upload certain documents as proof, depending on your business scenario.

Why do I need to submit my individual and business details?

Collecting your personal and business details are required as part of our compliance with regulatory obligations, where we check and verify your details to ensure everything matches up. This helps keep our platform secure. The individual verification process is known as Know Your Customer (KYC), while the business verification process is known as Know Your Business (KYB).

What documents do I need to prepare during my registration process?

Depending on your business scenario, you may be asked to upload certain documents during your registration:

Is the OFX Global Business Account a bank account?

The OFX Global Business Account is not a bank account. It is a virtual business account that enables clients to hold funds in different currencies and make and receive payments.

How many currencies can I manage with my OFX Global Business Account?

With the OFX Global Business Account, you can create multi-currency accounts in 30+ currencies. Your customers can also pay into any of these accounts. Four of these accounts (USD, CAD, GBP and EUR) also allow you to hold local bank details. Here is a full list of our supported currencies.

Can I make a payment and convert AUD to other currencies? 

Yes. On top of making SWIFT payments to 170+ countries, you can pay, convert, receive and hold funds in 30+ currencies. This includes all major global currencies and a range of exotic currencies.

How can I add funds into my OFX Global Business Account?

There are three ways to add funds into your account.

Once your account has funds, you can start marking FX conversions, pay your suppliers, bills, create cards and more.

How much does it cost to maintain my OFX Global Business Account?

You have the flexibility to choose a plan that works best for you.

Learn more about our pricing plans here.

Can I connect Xero to my OFX Global Business Account?

Yes. If you use Xero for your business, you can easily connect Xero to your OFX account with the following steps:

Can I open a personal account as an individual?

The OFX Global Business Account is only for registered businesses. For personal international money transfers, learn more about our personal money transfer account.

What are the benefits of having corporate cards for my business?

Having corporate cards can help simplify expense management, reduce time and costs related to tracking and reconciling international payments across different platforms or accounts.

What is the OFX Corporate Card?

It is a borderless card that allows you to transact locally and globally for your business. On top of AUD, you can use the card to make purchases in over 30+ international currencies by using funds held in these currency accounts.

How does the card work with the OFX Global Business Account?

Our Corporate Card is directly linked to the funds in your OFX Global Business Account. Save money by pre-converting your local currency to foreign currency when the exchange rates suit you. With our card, you get access to AUD and 30+ international currencies.

When making a payment in any of the 30+ currencies, our card automatically draws funds from that currency account, allowing you to spend like a local with no international transaction fees. This applies if there are sufficient funds in those accounts.

If you do not hold funds in the currency you’re spending in, or have insufficient foreign currency balances, we’ll automatically convert from your local currency (AUD) at competitive exchange rates.

Can I use the card with Apple Pay and Google Pay?

Yes, our card can be used on your mobile device with Apple Pay and Google Pay.

How can I apply for the card?

To receive and use the OFX Corporate Card is easy. Here’s how:

What’s the difference between an employee card and a company card?

At OFX, you can choose to create employee and company cards. The employee card is allocated to individual users. Each user gains access to a mobile app where they can privately view and manage their own spending on the cards. You can set specific spending limits on your employee cards to control expenses and ensure compliance with company policies.

The company card allows you to control spending limits to prevent overspending, such as setting a limit on Google Ads expenses. It’s ideal for specific subscriptions or recurring business expenses. You can also create a company card for a specific event.

How many cards can I assign to my employees?

You can assign one employee card to a user (employee), and the company card can be shared across different users. You can issue unlimited number of company cards.

Do you offer a physical card for employees?

Yes. You can choose a virtual or physical card when creating an employee card in the platform.

What are the benefits of creating company cards?

You can set up a company card for each subscription and manage your expenses per card, with built-in control limits. If your subscription ends, cancel the card anytime to ensure you’re not charged on that fee. If there is a security breach on a particular card, you only need to delete that card. This means easier reconciliation, oversight, and added security.

Unlike the employee card (1 card per user), there are no limits to creating company cards in our platform. You can set up multiple company cards linked to your OFX Global Business Account.

How much can I spend per day on my card?

The spending limit on your card depends on the card’s allocated budget. You can use the card controls and set a spend limit for each card. When it’s time to make payments, your currency account(s) will need to be sufficiently funded.

For example, if you’re making a US$500 payment, ensure that you have US$500 or more in your USD Global Account. You’ll be notified if there are insufficient funds in your account.

Can I make a cash withdrawal with the OFX Corporate Card?

We currently don’t offer cash withdrawal services with our card.

What are the benefits of using spend management software?

By using our spend management software, you can efficiently manage your spending processes. It seamlessly integrates components such as cross-border payments, employee expenses, bills, vendor payments — all in a single dashboard. This visibility of all your expenses can help you optimise your budget and identify any cost-cutting opportunities.

Does the OFX spend management solution include expense management tools?

Yes. Our spend management solution includes expense management tools to help track all your approvals and your domestic and international business spend in a central place, so you don’t have to switch across different systems.

With a Full Suite plan, you can access our spend management solutions allowing you to set up and track budgets, enable mobile receipt capture and categorisation and reimburse employees for out-of-pocket expenses. In the Control Hub, you can set expense management workflows.

This streamlines the process of managing employees’ expenses, ensuring timely approvals and accurate record-keeping.

Can I reimburse my employees for out-of-pocket expenses?

Yes. You can do this as long as your employee is a user on the Full Suite or Custom plan. Using the same approval workflow, you can upload the receipts, code the expense, and reimburse your employee without leaving the platform.

How much does it cost?

With no extra cost, our Standard plan allows you to get started with the basics of spend management tools such as cards, payments, FX, batch payments, card funding and integrate with Xero bank feed.

At AU$25 per user each month, unlock greater features with our Full Suite plan. Enjoy more benefits such as managing approvals, expenses, setting budgets, bills and a 2-way sync with Xero. Learn more about the full pricing plans here.

Can I still use the expense management tools in OFX with an external corporate card?

Yes. Even if you don’t have our Corporate Card, you can still upload all your receipts into our system and export them into your accounting platform. 

However, to enjoy the full benefits and a more seamless process, using our card allows you to manage your spending, expenses and approvals all in one place, giving you more visibility on your spending.

What are the benefits of using AP Automation for my business?

By using our software, you and your team can transform finance operations from a chore into a strategic asset. Our integrated platform not only automates your accounts payable, bill captures, bill payments, approvals, multi-currency transactions, it also syncs with your accounting platform.

This means not only does every invoice get captured and every payment processed with precision, you also gain visibility into your financial workflows. It helps you make informed decisions faster, leveraging real-time insights that could potentially save your business money.

Instead of wrestling with tedious data entry or juggling multiple tools for different tasks, you have a single, smart solution that helps safeguard against errors.

Can AP & Bill Automation capture invoices and checks automatically?

Yes, it can. The built-in AI technology (OCR) in our AP automation software enables you to digitally capture your invoices. It also automatically routes invoices for approval without paper forms, helping you to gain visibility over the approval process and promptly address any bottlenecks.

Can it also analyse receipts?

Yes, it can. Expense receipts can either be uploaded to support a card transaction or as a reimbursable expense claim.

Can I have an approver for the invoice and bill, and have a separate approver for my payment?

Yes, you can set up separate approval policies for bills, expenses and payments. We also know that there can be different layers of approvals. That’s why we built a multi-tiered conditional approvals system, where you can set up rules and edit them within the platform.

How can I get access to the OFX AP & Bill Automation solution?

Our Full Suite plan gives you access to our AP automation and approvals workflow solutions, plus more. The cost per user is AU$25 per month after your 30-day free trial and includes the full benefit of the platform. See our pricing plan here for more info.

How can I make international payments or receive foreign currencies for my business?

You can make international payments or receive foreign currencies through a virtual global business transaction account. 

With the OFX Global Business Account, you have the ability to create and manage over 30 Global Accounts (currency accounts), where customers can pay into. Five of the accounts (AUD, CAD, USD, GBP and EUR) offer local payment rails with local bank details, allowing you to pay and receive funds seamlessly and quickly.

What are the benefits of using batch payments for my business?

It’s easy to do batch payments with OFX. Simply upload an ABA file to your account. Instead of having to jump and toggle between softwares or apps, the approval workflow is exactly the same for international and domestic batch payments.

How do I access OFX batch payment solutions?

All of our plans (Standard, Full Suite, Custom) give you access to our batch payment features, and more. For more info, see our pricing plans.

What do I need to consider when using a Forward Contract?

While a forward contract protects you from losses if rates move against you, it also means you won’t benefit if the exchange rate moves in your favour. If you want to take advantage of positive market movements, you could consider using spot transfers for greater flexibility.

How is a Forward Contract rate calculated?

The exchange rate you’ll receive takes into account the market rate on the day you book your Forward Contract, a margin charged by OFX, and the central bank interest rates for the currencies you are exchanging.

Is a Forward Contract right for my business?

Forward Contracts are designed to benefit businesses of all sizes, especially those exposed to foreign exchange (FX) risks.

If your business deals with cross-border transactions, even on a smaller scale, fluctuating exchange rates can significantly impact your profit margins and financial planning. A Forward Contract allows you to lock in an exchange rate for future payments, providing certainty and stability. Setting up a forward contract is simpler than you might think, often requiring an initial deposit and basic documentation such as purchase orders or invoices.

By using a Forward Contract, you can help protect your bottom line from FX volatility, accurately budget your costs and revenues, and gain peace of mind knowing your financial risks are minimised. Some clients use a Forward Contract for a portion of their FX transfers, as a way to partially hedge against volatility and ensure they can take advantage of Spot rates as well.

What is the potential downfall if I don’t hedge the risk of exchange rate movements?

Without locking in a fixed rate (hedging), adverse market fluctuations could lead to losses for your business and result in increased prices for your products and services.

What is a capacity limit?

The amount of forward exposure you can take on based on your initial deposit.

What is a credit facility?

A credit facility allows you to enter into a Forward Contract without needing to provide upfront funds, as long as you have sufficient approved credit for the duration of the contract.

What is a settlement limit?

A settlement limit lets you secure a guaranteed rate and delay your deposit for up to three business days after booking.

Do I need to wait until my Forward Contract matures to use the currency?

You have the option to draw down at any point during the contract’s lifetime. When your Forward Contract matures you will need to settle the remaining amount. If you choose to deliver earlier than your agreed maturity date, the exchange rate may differ to your original contract.

How can I set up a Forward Contract with OFX?

To set up your first Forward Contract, you’ll need to answer a few questions on the platform. Our specialist team will then review your application and set up the contract if approved. All Forward Contracts are subject to approval by OFX.

What currencies are available?

You can secure a rate between 11 currencies (AED, AUD, CAD, CHF, CZK, EUR, GBP, NZD, PLN, SGD, USD).

Is there a minimum amount for a Forward Contract?

Forward contracts typically start at AU$10,000 but lower amounts may be considered.

How can I cancel my Forward Contract?

You can easily cancel a Forward Contract within your account. At the time of cancellation, you’ll see a summary with the estimated cost to cancel. Alternatively, you can change the date to bring it earlier.

What is the OFX Business App?

The OFX Business app is a financial operations app designed to streamline your business cash flow management. It allows you to manage bills, approvals, and payments anywhere, anytime. With the app, you can easily pay bills, upload receipts, submit for approval, and keep track of team or project costs, subscriptions, and individual expenses.

Is the OFX Business App free?

Yes, it is a free money and spend management app for businesses.

How does the OFX Business App benefit me?

It gives you and your team the flexibility to track local and global business expenses, monitor spend, and organise your financial records anywhere in the world. 

With real-time access to your account through the app, you have more visibility and control of your spend management, empowering you to make more informed business decisions.

Where can I download the OFX Business App?

Visit the Apple App store to download the app on compatible iOS devices, or visit the Google Play store to download on Android devices.

Which platform is the OFX Business App supported on?

Our app is supported on compatible iOS and Android smart devices, for both smartphones and tablets.

What integrations does the OFX Global Business Account support?

You can integrate your OFX Global Business Account with Xero, QuickBooks and Employment Hero, helping you simplify reconciliation, financial reporting and payroll. We’re also working on integrating other accounting softwares with our platform.

Can I connect Xero to my OFX Global Business Account?

Yes. You can easily connect Xero to your account with the following steps:

Can I link my card payments to my Xero account?

Yes, you can. Reduce reconciliation bottlenecks by syncing your card expenses with your Xero account. Our in-app receipt capture also allows you to document receipts in real-time to help you track employees’ and other business spend. 

Connect to Xero by following the below steps:

What other OFX features are compatible with Xero?

On top of cards, you can also connect OFX spend management, AP automation solutions and batch payments with Xero.

Simply follow the steps below:

Can I instruct my accountant to reconcile my payments?

Yes. Select ‘let my accountant do it’ when creating a payment which will directly send through a bank feed to Xero. Your accountant will then be able to reconcile the bill in Xero and match it to the corresponding bank feed.

Why are my Xero tax codes different in OFX to Xero?

We use standard Xero accounting and tax codes synced through the API. These codes are specific to your Xero account and region. If you have customised your accounting and tax codes, please contact our support team at business@ofx.com or contact your dedicated account manager.

My transaction isn’t syncing to Xero. What can I do?

This link will take you directly to the corresponding Xero invoice. If still not working, please contact our support team at business@ofx.com.

I still can’t see my Xero payments. What can I do?

If your OFX account is showing that Xero is connected but you can’t see payments, disconnect Xero in the OFX app and reconnect. If you’re still unable to see Xero payments, please contact business@ofx.com.

Note: If you’re connecting Xero to OFX for the first time, please note we don’t currently pull Bills that are already in Awaiting Payment status.

Can I connect my OFX account to other accounting or Enterprise Resource Planning (ERP) platforms?

Yes. You can export data from your account as a CSV file and import it into your accounting platform. We’re working on integrating additional accounting packages with our platform, which will be available soon.